Anything that old has probably been (re)lacquered.
Actually, having refurbed over 1000 vintage saxes, I'd say the vast majority of horns from the 50's never have been relacquered.
I get what you are saying, that relacquering was a common thing and not looked upon negatively probably up until this millennium....but one cannot use the yardstick of a horn's age or vintage to generalize whether it was refinished or not.
In this instance, the hue IMHO is spot-on vintage Comm III, as Grumps notes the 'cut' of the engraving is nice and crisp, and the serial # doesn't seem to be pooled at all.
So it's either original, or a really, really artful, well-done relacq. Whether one or the other, who cares, really ? Either way we know it's a classic model and it is very beautiful.